To better streamline our debt-based search feature, we’re proud to announce the release of our pre-foreclosure search update. Now, Reonomy users can search and analyze distressed assets with the click of a button.
Why it Matters
Simply put, pre-foreclosure information can help users identify properties in financial distress. For debt brokers and lenders, particularly, pre-foreclosure information can point to properties likely in need of refinancing and help facilitate stronger debt and sales deals.
Similarly, investors and developers can find properties that are likely to sell faster for less, or those that already have an auction date slated. Access to this information can greatly streamline a user’s sourcing strategy, to maximize efficiency and empower smarter investment decisions.
How it Works:
Now, searching for properties in distress is simple. Our preforeclosure data is updated weekly to serve up properties actively in the pre-foreclosure stage. When searching in the national Reonomy platform, you can filter for properties using debt-related information to serve up properties in distress.
To do so, simply click into the Debt tab. Here, you’ll see we added two new drop-down menus to help narrow down your search: “Auction date” and “Preforeclosure category.”
“Auction date” is fairly straightforward–this filter is applied to properties that are coming to auction. These choices include:
- “Next 2 weeks”
- “Next month”
- “Next 3 months”
- Create a custom date range
“Pre-foreclosure category” highlights what phase of pre-foreclosure a property is in. These choices include:
- “Final Judgement of Foreclosure”
- “Lis Pendens”
- “Notice of Defaults”
By choosing any combination of these filters, as well as any of the other Reonomy filters in the Location, Asset Type, Building & Lots, Sales and Ownership tabs, you’ll be served up a list of properties that meet your preferred criteria for further exploration. For example, say you’re only interested in multifamily units located in Florida that are going to auction in the next 90 days. By applying these filters, the Reonomy map will automatically narrow down your search to populate with the properties that match these exact criteria:
Our update also makes it easy to validate property in preforeclosure status within each individual property page. When you click into specific properties on the Reonomy platform, you’ll find this information under the associated Debt tab. This includes “Pre-foreclosure Record”, which highlights information on preforeclosure category, document type, and status, as well as “Auction Information” and “Trustee”, if applicable.
To reiterate, the pre-foreclosure search update provides a real-time look at what properties are currently in the pre-foreclosure status–this does not include historical data. Our data is updated once a week, meaning the total number of properties that meet these criteria can fluctuate week over week. Stay tuned for more updates as we continue to improve our web application to bolster your search experience.